The week starting June 2 will buzz with a flurry of domestic and international developments. The spotlight will be on RBI's decision on the interest rate. Taking place by the end of the week, the central bank decision on the Repo rate set to signal the monetary policy.
Apart from this key decision, key economic data is expected to be released. No Mainboard IPO is open for the week while there are two IPOs open in the SME space. Before we head straight into the calendar, here's a recap:
Markets This Week
The benchmark equity indices closed lower on Friday, marking the second week of losses. The NSE Nifty 50 ended 82.9 points or 0.33%, lower at 24,750.7 and the BSE Sensex ended 182.01 points or 0.22%, lower at 81,451.01.
During the day, the Nifty fell 0.47% to trade at 24,717.4 and the Sensex declined 0.42% to trade at the 81,286.45 mark.
The Nifty index declined by 0.4% for the week, primarily dragged down by the Nifty FMCG sector. Overall, the Nifty index fell for the second week in a row, reflecting a volatile market environment.
Domestic Cues: RBI To Set Benchmark Interest Rate
Taking the spotlight as the most important event of the week on the domestic front is the Reserve Bank of India's key decision.
On Friday, the Central Bank of India is set to announce its decision on the benchmark interest rate. The rate is forecasted to be 5.75% according to Bloomberg, while the RBI's previous rate stands at 6%.
Apart from the rates that signal the monetary policy of the government, there is also key economic data that is expected through the week.
On Monday, the Nikkei S&P Global Manufacturing PMI is set to be announced. The Manufacturing Purchasing Managers' Index or PMI, is a diffusion index incorporating survey results conducted on manufacturing firms.
On Wednesday, the Nikkei Services PMI is also set to come in. The Indian HSBC Services PMI is compiled from questionnaires sent to purchasing executives in around 350 private service sector companies.
Global Cues
There are two important events that are expected this week on the global front, including key economic data and benchmark interest rates.
On Monday, the Manufacturing Purchasing Managers' Index or PMI, is set to come in from the United States for the month of May. This is a diffusion index incorporating survey results provided by manufacturing firms throughout the country.
On Thursday, the European Central Bank is set to publish its decision on the benchmark interest rate. Short term interest rates play an important role of currency valuation, and traders watch for this interest rate changes.
Corporate Actions
Focusing on the flurry of corporate action set to unfold this week, a notable move is Coforge's stock split from Rs 10 to Rs 2 on June 4.
Names like Atishay, IFGL Refractories, INOX India, Jindal Saw, JSW Energy, Container Corporation of India, Tata Steel, Tata Consultancy Services, IndiaMART InterMESH, Larsen & Toubro, L&T Technology Services, Dr. Lal PathLabs, Tata Motors, and Bank of Baroda, along with a few others, are set to pay out their final dividend.
Players like Nicco Parks & Resorts, Technocraft Industries (India), TAAL Enterprises, and Nuvama Wealth Management are set to pay out interim dividends.
Other corporate actions for this week include a bonus share issue, a special dividend and more. Here's a full look at all the corporate actions lined up for the week.
Primary Market Action
As a dry spell grips the Mainboard Initial Offerings for the first week of June, the SME space sees some action. Two IPOs are set to open through the week.
Aiming to raise about Rs 33.75 crore, the 3B Films IPO is open from May 30 to June 3. The tentative listing of the IPO is June 6, according to Chittorgarh.
Also opening this week is Ganga Bath Fitting, aiming to raise over Rs 30 crore. The offer is set to open on June 4 and the issue price for this IPO is set at Rs 49 to Rs 49.
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